Vistra Energy has agreed to acquire Dallas-based rival Ambit Energy for $475 million in an all-cash deal.
The largest electricity and natural gas direct seller in the United States, Ambit services 1.1 million residential customers in 17 states.
According to the Houston Chronicle, the sale will give Vistra control of around 32 percent of the Texas retail electricity market, up from 25 percent, and lead all U.S. competitive markets at 26 percent.
"Ambit is a very attractive standalone retail company and a great match for Vistra's retail business, given its leading direct selling capability and its proprietary technology platform,” said Curt Morgan, Vistra's president and CEO.
He noted Ambit’s retail load is nearly two-thirds of Texas’s electric power market, primarily comprising residential and small-business customers. Once the deal is complete, Vistra will have nearly 5 million customers.
The transaction is also subject to applicable regulatory approvals, and is expected to close by the end of 2019.